Story supports native staking periods. Users stake their IP tokens for longer staking periods will get higher reward multipliers.
Based on the staking spec, the initial staking periods and the corresponding reward multipliers should be:
- 90 days - 1.051
- 360 days - 1.16
- 540 days - 1.34
However, due to a misconfiguration on the genesis file, the current 90-day period is configured as 30 days. This may result in stakers always preferring staking 30 days period since it yields the best rewards overall and makes 360 days and 540 days staking periods unattractive.
Fortunately, Story’s mainnet is still in the singularity period, during which no reward is emitted. So the proposal is to update the currently 30-day staking period back to 90 days in the first Story hardfork Virgil, which should happen before singularity ends.
9 Likes
Thanks for bringing this up! Yeah, the 30-day staking period being set instead of 90 days definitely seems like a misconfiguration. It makes sense that people would prefer the 30-day option right now since it’s giving better rewards than it should, which kinda screws up the incentives for longer staking periods.
Since we’re still in the singularity period (no rewards being distributed yet), now’s the perfect time to fix this. Updating the 30-day period back to 90 days in the Virgil hardfork sounds like the way to go. That way, the reward multipliers will work as intended:
90 days = 1.051x
360 days = 1.16x
540 days = 1.34x
This should make the longer staking periods more attractive again and keep things fair for everyone. Plus, since no rewards are being distributed yet, it won’t mess with anyone’s current stakes.
Solid idea—hopefully the team picks up on this and makes the fix before the singularity period ends!
7 Likes
Thanks for noticing this, seems like a misconfiguration that better to be fixed for the community.
6 Likes
This proposal has been accepted by the sip process, the final SIP can be found here.
6 Likes